• NAV (Net Asset Value): $5.7 billion as of end of March, down 2.5% in dollar terms.
• Cash and Cash Equivalents: $13.6 million as of March 31, down from $15.7 million at year-end.
• Borrowings: SEK 850 million bond increased to $84.7 million in Q1 from $77 million at year-end.
• BlaBlaCar: Down 8%, representing 34% of NAV.
• Voi: Valuation increased by 9%, with EUR 133 million in net revenue for 2024 and EUR 17.2 million in adjusted EBITDA.
• GET: Represents 15% of NAV, transaction under review by Israeli Competition Authority.
• Portfolio EBITDA Positive: 81% of the portfolio is EBITDA positive.
• Newman: Revenue growth close to 200% year over year in early 2025, EBITDA positive since last year.

• Warning! GuruFocus has detected 8 Warning Signs with EQT.

Release Date: April 23, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• VNV Global AB (FRA:82K) reported that 80% of its portfolio companies are earnings positive, indicating a lower risk profile compared to non-earnings positive portfolios.
• The company has a diversified revenue base with 40% in euros, reducing the impact of the falling US dollar on its portfolio.
• Voi, a leading market mobility operator in Europe, showed strong performance with a 9% increase in valuation driven by operational metrics and higher peer multiples.
• Newman, a health platform, experienced significant growth with revenues increasing by nearly 200% year over year in early 2025.
• The company is trading at a 60% discount to NAV, suggesting potential upside for investors if market conditions improve.

Negative Points

• VNV Global AB (FRA:82K) experienced a 2.5% decline in NAV in dollar terms, primarily due to the performance of BlaBlaCar and foreign exchange movements.
• The ongoing transaction involving GET is facing delays due to concerns raised by the Israeli Competition Authority, creating uncertainty around its completion.
• The macroeconomic environment remains volatile, affecting high-risk assets and potentially delaying IPOs for portfolio companies.
• The company's debt increased from $77 million to $85 million due to currency fluctuations, impacting its financial position.
• BlaBlaCar's growth in Europe is stagnant, and the removal of energy saving certificates in France has negatively impacted its valuation.

Q & A Highlights

Q: Can you clarify if there was an option to exit the GET transaction at any point? A: Per Brilioth, Managing Director, explained that they are bound by a Sale and Purchase Agreement (SPA) which does not allow for an exit unless the transaction fails to close within the agreed timeframe. This timeframe aligns with the ongoing discussions with the antitrust authorities.

Q: Are you pushing for the GET transaction to go through despite its valuation? A: Per Brilioth stated that while they are committed to the transaction, they are also comfortable with retaining GET if the deal does not close. The decision to sell was made to reduce debt, and they believe it was the right move at the time.

Q: What is the path to value crystallization for the portfolio in 2025? A: Per Brilioth mentioned that they are working on exiting smaller positions to generate liquidity. However, they do not expect any major IPOs in 2025, with potential IPOs more likely in 2026.

Q: Are there regulatory risks for Newman related to GLP-1 prescriptions? A: Dennis Mohammed, Investment Manager, noted that while there are ongoing studies, the current outlook is positive, especially in the UK. There is a risk of regulatory changes, but the situation is currently favorable.

Q: In the event the GET transaction does not close, what distribution can be expected? A: Per Brilioth indicated that a significant portion of GET's cash position could be distributed quickly, potentially amounting to 15-20% of the exit price. Further dividends could be expected from a more efficient balance sheet.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.